BTC Pummels Resistance
Neither this post nor any other on cryptofal.com should be taken as financial advice. It is not.
BTC daily candle chart, 3/28/22.
Bitcoin’s uptrend has continued through the weekend and into this Monday morning.
After blasting through resistance around $45k, BTC is attempting to hold above $47k at the time of posting. If BTC holds here or finds higher support if it dips, that could be a good sign for price action.
The MFI is trending upwards and is now in overbought territory. The MACD is swinging upwards sharply. It should be noted that volume is dipping noticeably as well. It wouldn’t be surprising if we see a bit of a reversal in the coming days if volume continues to dip.
The overall cryptocurrency market cap is currently around $2.1 trillion with a volume of approximately $112 billion. BTC dominance is at 42.1% with ETH dominance at 18.9%.
ETH daily candle chart, 3/28/22.
ETH’s daily chart is largely mimicking BTC’s, but it is slightly outpacing BTC’s movement. Like BTC the MFI is well into overbought territory on ETH’s daily chart. The MACD’s EMA lines are swinging upwards strongly while the MACD’s momentum waves are fairly neutral.
It should be noted that rumors of the ETH 2.0 merge coming soon could play a role in influencing price action. With that being said, it is also likely that ETH’s movement will continue to follow BTC’s.
